We
are not soliciting or recommending any action based upon this material.
All investments carry a certain degree of risk, including loss of
principal. All graphs, charts and other visual representations are shown
for illustrative purposes only.

Hays
Advisory, LLC does not guarantee the accuracy or completeness of this
report, nor does the Hays Advisory, LLC assume any liability for any
loss that may result from reliance by any person upon any such
information or opinions. Such information and opinions are subject to
change without notice and are for general information only. The
information contained in this report may not be published, broadcast,
rewritten or otherwise distributed without prior written consent from
Hays Advisory, LLC.

Hays
Advisory, LLC, exists as a registered investment adviser under the
Investment Advisers Act of 1940 and is notice filed in all United States
jurisdictions and states as required by law with the exception of Puerto
Rico, Guam and the U.S. Virgin Islands.